Drain the oysters, reserving the liquor, and set aside. Measure the oyster liquor and add the clam juice or chicken stock to make 3/4 cup total. Set aside.

In a large heavy saucepan or Dutch oven, sauté the bacon over medium-high heat until about half cooked, 2 to 3 minutes. Add the mushrooms, onion, celery, carrot and red pepper and reduce the heat to medium. Saute the vegetable mixture about 4 minutes, stirring often. Stir in the sherry and thyme, followed by the oyster liquor mixture, Tabasco and potatoes. Raise the heat and bring to a boil and simmer until the potatoes are nearly tender, about 5 minutes.

Stir the cornstarch into the half-and-half and whisk this mixture into the gently boiling stew. Add the oysters immediately. Heat just until the oysters get plump and their edges are ruffled, 1 to 2 minutes. Season to taste with salt and pepper.

Spoon into serving bowls and sprinkle with chopped parsley. Serve with lemon wedges for squeezing.

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